Deals
RBC’s $10 Billion Deal for HSBC Canada Wins Government Approval
- Canadian government adds conditions on jobs, home financing
- RBC struck deal for Canada’s seventh-largest bank last year
An HSBC bank branch in North Vancouver, British Columbia.
Photographer: Taehoon Kim/BloombergThis article is for subscribers only.
The Canadian government approved Royal Bank of Canada’s landmark deal to acquire HSBC Holdings Plc’s Canadian operations, handing a major regulatory win to one of North America’s largest financial institutions.
Finance Minister Chrystia Freeland’s office issued a statement late Thursday allowing the deal, confirming an earlier report by Bloomberg News. Her blessing came with a number of conditions, which include job protections, keeping at least 33 of HSBC’s branches, transition plans for existing clients and a commitment to offer billions in financing for affordable housing.